A group of shareholders requested the summoning of Shareholders’ Ordinary General Assembly to decide on the propositions. The group includes four open-end investment funds administered by Certinvest, private pension fund Pensia mea, investment fund Broadhurst Investments Limited, as well private individuals Corin Ioan Trandafir, Ilie Stoichescu, Constantin and Maria Fratila, Gabriela Alexe, Radu Ciuceanu and Radu Toia.
They think the company’s management structure must be changed and its business model must be revised in order to make it more efficient and align it to the European good governance practices.
“We want SIF Transilvania to become market leader, with a performance-based business vision and an efficient and transparent management based on an authentic collaboration with shareholders,” Radu Toia said in a statement, on behalf of shareholders.
The group also said the company’s current management is faulty and generated loss of over EUR50 million, according to shareholders’ calculations, due to “questionable” practices and policies, as well as due to a lack of vision and transparency in the decision-making process.
SIF Transilvania is run by Mihai Fercala, executive president and general manager.
Under valid procedures, SIF Transilvania’s Executive Board is obliged to summon Shareholders’ Ordinary General Assembly within 30 at most from registering the summoning request and ensure the holding of the assembly within 60 at most from registering the request.